A Study Of Limited Liability Partnership (LLP) As A Corporate Vehicle For Every Company And Its Prospects With Specific Reference To Fresh Law Graduates

Dr. Sanjib Roy, LLM, ICFAI University, Dehradun

Dr. Ashish Kumar Singhal, Associate Professor, ICFAI Law School, Dehradun

ABSTRACT

Limited Liability Partnerships (LLPs) are a corporate business structure that enables entrepreneurs, professionals, and enterprises to provide services via commercially efficient vehicles suited to their requirements.  LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession.  Limited Liability Partnerships are ideal forms of business for professionals who want to start their own practice. For example, many law firms choose to register as LLPs.  An LLP is an alternative corporate business form that combines a company's limited liability with a partnership's flexibility. LLPs can continue to exist even if their partners change. In addition to entering into contracts, it can also hold property in its name.  Any individual or body corporate can be a partner in an LLP.  Therefore, businesses with high turnover that need to raise money from equity funding can opt for a Private Limited company. LLPs offer flexible business operations and lower compliance, making them ideal for small businesses or start-ups requiring lower capital costs.

KEYWORDS: LLP, Corporate, Legal, Business, Professionals